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Saturday, 2 July 2011

Cutting Your Losses

MySpace has been finally been sold and for the miserly sum of $US35 million. That's a huge loss for News Corporation and according to reports, 50% of current staff will be laid off.

The reason for the site's rapid demise appears ot be due to a combination of "poor management, or a need to hit revenue targets once News Corp. took over, or a bottleneck in the technology department, or lack of resources given to their division, or a poor public relations effort, etc." according to Hypervocal's Lee Brenner.

Entertainer Justin Timberlake who has taken a stake in MySpace believes the platform still has the potential to be the place on the Web where “fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.”

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